sajunky
Headphoneus Supremus
+1Try some R2R DACs . Denafrips Ares 2 is in your budget. Or some Audio-Gd models R2R R11 or the dedicated R-1.
Or a DAC with a Tube Output section. Musical Paradise MP-D2 MK3 might be a little over budget. But it is a Canadian brand and you have endless possibilities to tune due to its modular design.
R2R-11 is currently on sale. Sadly since April is not longer in production. When you get it, R-1 will be your next target, so may be you should chose R1 right now, even in CAN$ it is exceeding your budget.
From the other propositions I would try Bifrost 2 (but not below this level) or Ares II. BF2 is not NOS. Both have a limited upgradeability due to a lack of I2S and a price difference of Ares to the R-1 just cover a cost of low phase jitter Accusilicon clocks, so it is worth to go with R-1.
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